CONFIRMATION OF TERMS OF ACQUISITION. XTREME previously agreed to acquire the Oil Creek Well from Assignors as a prospect. XTREME and the Assignors now agree and confirm that the well and leases described as the property commonly known as the Oil Creek S 19 Prospect being mineral rights and property consisting of 80 acres and described as the property in the East % of the SW 1/4 of Section 19, Township 6 North, Range 2 West in XxXxxxx County, Oklahoma, and referred to herein as the "Oil Creek Well" is to be included under the EDP Agreement terms and therefore assigned to Xtreme and accepted. Assignors, do agree, and by execution and delivery of the "Assignment of Oil and Gas Leases," attached hereto as Schedule A (the "Assignment"). do assign and sell the leases previously granted to the Assignors representing approximately 80 acres as spaced (with the understanding and representation that Assignors have no other rights to the balance of the property contemplated in the Prospect), and each Assignor hereby does quit claim and release and remise unto XTREME, the balance of the working interest in the Oil Creek Well to the extent owned by the Assignors. Assignors shall execute and deliver the Assignment to local counsel for XTREME who shall hold same pending approval of XTREME, prepare the legal description consistent with this Agreement and thereafter cause same to be recorded in the XxXxxxx County Court Clerk's office, such that all leases described therein shall be assigned to XOLC so as to permit XTREME to convey title to such of the working interest in the Oil Creek Well as is presently owned by Assignors (together with any additional leases obtained by XTREME) into such joint ventures or other entities as XTREME deems appropriate. Those Assignors not named on the Assignment agree that, in the event required by XTREME or its auditor or legal counsel, they shall execute and deliver for recording an assignment in the same form as the Assignment evidencing such quit-claim and release of their interests as agreed to herein. The parties agree that any such conveyance may be prior to issuance of a title opinion, therefore contains no warranty of title and conveys and quit-claims the interests as presently held by Assignors without regard to subsequent conditions or changes necessary to conform the interests assigned to the title opinion (such conditions or changes being the responsibility of XTREME).
CONFIRMATION OF TERMS OF ACQUISITION. XTREME had agreed to acquire the well referenced in the EDP Agreement as the "Cookie" well and described as the property in the SE/4 of Section 25, Township 16 North, Range 1 East and also known as the Cookie's Xxxxxxx 25-0-2 well (referred to herein as the "Cookie Well"). The assignment provided under the EDP Agreement but not yet made by Assignors was for an 80% working interest in the Cookie Well for stock and cash to be paid of which the Assignors acknowledge, prior to the date hereof, the receipt of One Hundred Fifty Thousand (150,000) shares of common stock of XTOG by Assignors and $30,000 previously paid by XTREME to GEC : therefore, it is agreed and acknowledged by all of the Assignors that all payments of stock and cash due for the Cookie Well as referenced in the EDP Agreement has been paid in full.
CONFIRMATION OF TERMS OF ACQUISITION. XTREME had previously agreed to acquire the Lionheart Well. Assignors have agreed to sell, assign and transfer and release all interest in the Lionheart Well including any interests acquired under any agreement with Valentine or Concha and, in order to accomplish same, will execute and deliver the assignment in the form attached hereto as Schedule A (the "Assignment") and cause same to be recorded in the Xxxxx County Court Clerk's office, such that all leases shall be assigned to XTREME to permit XTREME to convey clear title to the working interest in the Lionheart Well into such joint ventures or other entities as XTREME deems appropriate.
